ADIB manifests its support for Korean construction firms in the Gulf - IFN

ADIB manifests its support for Korean construction firms in the Gulf

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GLOBAL: Abu Dhabi Islamic Bank (ADIB) has contracted an MoU with Construction Guarantee (CG) of the Republic of Korea to support South Korean construction companies operating in the Middle East. The Arabian Gulf has reportedly emerged as a key market for Korean contractors, with more than US$800 million-worth of projects being awarded in the region over the past decade. It has been suggested that construction schemes, valued at approximately US$1 trillion, are currently in their tendering stages. Signed by Tirad Al Mahmoud, CEO of ADIB, and Wan Dae Jung, chairman and president of CG, both parties undertook to cooperate in communicating with contractors about the business opportunities in the Middle East. They will also provide information on the operating environment and support their business needs for the contracts awarded. Commenting on the covenant, Arif Usmani global head of wholesale banking business at ADIB, said: “With this MoU, we are helping to support some of the world's most experienced and technically advanced contractors expand in the region, which should ultimately support job creation, and transfer of skills.” He also added that investments areas such as infrastructure, health care and education play an instrumental role in providing interesting opportunities for corporate expansion. He called for an increased support from banks in supporting this growth. According to Wan, the Middle East is considered as one of the three largest markets in the world. Korean construction firms are said to collectively command the biggest market share in this particular region. “Through the new strategic partnership with ADIB, we aim to develop our financial support to Korean constructors in this region as they further contribute to the overall development of the Middle East,” he added.